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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Options Activity | Stock options are either “incentive” stock options or “nonqualified” stock options. Incentive stock options have certain tax advantages and must comply with the requirements of Section 422 of the Internal Revenue Code. The 2019 Plan was frozen such that no new awards would be granted under the 2019 Plan following receipt of shareholder approval of the LINKBANCORP, Inc. 2022 Equity Incentive Plan described within this footnote. On May 26, 2022, the Company's shareholders approved the LINKBANCORP, Inc. 2022 Equity Incentive Plan (the "2022 Plan"). The 2022 Plan authorizes the issuance or delivery to participants of up to 475,000 shares of the Company's common stock pursuant to grants of restricted stock, restricted stock units, stock options, and non-qualified stock options. The 2022 Plan is administered by the members of LINKBANCORP’s Compensation Committee (the "Committee"). At least 95% of the awards under the 2022 Plan will vest no earlier than one year after the grant date. The table below provides details of the Company's stock options at December 31, 2023.
|  | Number of Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term in Years |  |  | Aggregate Intrinsic Value (in ‘000s) |
Outstanding, December 31, 2022 |  |  | 490,000 |  |  | $ | 10.11 |  |  |  | 7.0 |  |  | $ | 33 |
Granted |  |  | 89,632 |  |  |  | 7.00 |  |  |  | 9.7 |  |  |  | — |
Expired/terminated |  |  | (36,000 | ) |  |  | 10.45 |  |  |  | — |  |  |  |
Exercised |  |  | (29,632 | ) |  |  | 5.07 |  |  |  | — |  |  |  |
Outstanding, December 31, 2023 |  |  | 514,000 |  |  | $ | 9.72 |  |  |  | 6.8 |  |  | $ | — |
Exercisable at period end |  |  | 290,500 |  |  | $ | 10.12 |  |  |  | 5.8 |  |  | $ | — |
Schedule of Valuation Assumptions of Stock Options | The Company determined the expected life of the stock options using a simplified method approach allowed for plain-vanilla share options. The risk-free interest rate is based on the U.S. treasury yield curve in effect as of the grant date. Expected volatility was determined using the calculated value method of an option pricing model that substitutes the historical volatility of an appropriate industry/sector index for the expected volatility.
| December 31, |
| 2023 |  |  | 2022 |
Weighted average fair value of options granted | $ | 1.84 |  |  | $ | 2.37 |
Dividend yield | 4.29% |  |  | 3.70% |
Expected volatility | 35.45% |  |  | 34.20% |
Risk-free interest rate | 4.20% |  |  | 3.81% |
Expected life (in years) |  | 6.5 |  |  |  | 6.2 |
Assumed forfeiture rate | 4.00% |  |  | 8.00% |
Summary of Restricted Stock Awards | The table below provides details of the Company's restricted stock awards at December 31, 2023.
|  | Number of Shares |  |  | Average Market Price at Grant |
Outstanding, December 31, 2022 |  |  | — |  |  |  |
Granted |  |  | 384,724 |  |  | $ | 6.30 |
Expired/terminated |  |  | — |  |  |  |
Outstanding, December 31, 2023 |  |  | 384,724 |  |  | $ | 6.30 |
Schedule of Additional Information Related to Stock Option | Additional information related to the equity incentive plans during each year follows:
| December 31, |
| 2023 |  |  | 2022 |
Stock-based compensation expense recognized | $ | 244 |  |  | $ | 80 |
Number of unvested shares: |  |  |  |  |
Restricted stock plans |  | 384,724 |  |  |  | - |
Stock option plans |  | 223,500 |  |  |  | 281,300 |
Fair value of unvested stock options: |  |  |  |  |
Restricted stock plans | $ | 2,422 |  |  | $ | - |
Stock option plans | $ | 355 |  |  | $ | 393 |
Amount remaining to be recognized as expense |  |  |  |  |
Restricted stock plans | $ | 2,314 |  |  | $ | - |
Stock option plans | $ | 310 |  |  | $ | 291 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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